SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
FORM 8K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported) October 13, 1998
CELERITY SOLUTIONS, INC.
(Exact Name of Registrant as Specified in its Charter)
Delaware 0-20102 52-1283993
(State of Jurisdiction) (Commission File Number) (IRS Employer ID No.)
270 Bridge Street, Suite 301
Dedham, MA 02026
(Address of Principle Executive Offices) (Zip Code)
Registrant's Telephone Number, Including Area Code (781) 329-1900
200 Baker Avenue, Suite 300
Concord, MA 01742
Former Name or Former Address, if Changed Since Last Report
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Item 5: Other Events
On September 30, 1998 Celerity Solutions, Inc. (Celerity) entered into a
multi-million dollar agreement with Distribution Dynamics, Inc (DDI), a Walnut
Creek, California-based, distributor of "C" class commodity items, including
fasteners and related items to original equipment manufacturers. Pursuant to the
agreement, Celerity's supply chain management software will be implemented
throughout DDI's multi-national operations network. Incorporated herein is
Exhibit 99.01, to this Form 8K, a press release "Celerity Signs Multi-Million
Dollar Contract with Distribution Dynamics for the Implementation of its Supply
Chain Solution."
Item 7: Financial Schedules and Exhibits
(a.) Financial Statements of Business Acquired
Not applicable.
(b.) Pro Forma Financial Information
Not applicable.
(c.) Exhibits
Press Release, dated October 13, 1998, "Celerity Signs Multi-Million Dollar
Contract with Distribution Dynamics for the Implementation of its Supply Chain
Solution."
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
CELERITY SOLUTIONS, INC.
(Registrant)
Date: October 26, 1998 By: /s/ Edward Terino
-------------------------------
Edward Terino
Chief Financial Officer
EXHIBIT INDEX
Number Description of Exhibits Page
- ------ ----------------------- ----
99.01 Press Release, dated October 13, 1998, "Celerity Signs 3
Multi-Million Dollar Contract with Distribution Dynamics for the
Implementation of its Supply Chain Solution."
EXHIBIT 99.01
CELERITY SOLUTIONS [LOGO]
NEWS FROM CELERITY SOLUTIONS, INC.
FOR IMMEDIATE RELEASE
FOR MORE INFORMATION CONTACT -- 781-329-1900
LUDA KOPEIKINA, CEO, EXT. 224 OR EDWARD TERINO, CFO, EXT. 229
CELERITY SIGNS MULTI-MILLION DOLLAR
CONTRACT WITH DISTRIBUTION DYNAMICS
FOR THE IMPLEMENTATION OF ITS
SUPPLY CHAIN SOLUTION
Dedham, MA (October 13, 1998) -- Celerity Solutions, Inc. (Celerity; NASDAQ:
CLTY), a leading single source solution provider of supply chain and warehouse
management software for the middle markets announced today a multi-million
dollar agreement with Distribution Dynamics, Inc. (DDI). DDI is a leading
distributor of "C" class commodity items, including fasteners and related items
to original equipment manufacturers. DDI will implement Celerity's entire suite
of supply chain modules throughout DDI's multi-national operations network. The
solution will include Celerity's real-time Supply Chain Planner, Sales Order
Management, Purchase Order Management, Warehouse Management and Inventory
Control modules. Celerity's supply chain solution will address DDI's
requirements of providing customized planning and delivery solutions while
efficiently managing their working capital investment.
"We are enhancing our competitive advantage by implementing Celerity's global
supply chain solution," commented Larry DelSanto, President and CEO of DDI. "As
we share technologies and implement these systems, we will have a world class
solution for this high growth
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distribution market. We are looking to increase our customer service offerings,
leverage our quality advantage, drive operational efficiencies, and improve
working capital management."
DDI plans to use Celerity's leading-edge technology and depth of product
functionality as a competitive advantage to service customers across their
national network of distribution centers. DDI intends to develop a global supply
chain infrastructure to support the consolidation of their current business
operations into one platform as well as support a rapid growth plan. Celerity's
solution will provide DDI with the ability to match customer demand with
inventory in a real-time environment. This will assist DDI in developing an
optimal plan for responding to customer demand and execute the plan through
Celerity's advanced systems. By reducing their working capital, DDI will
increase their utilization of resources in the supply chain through real-time
communication and centralized information. This solution will support DDI's
service requirements as well as set the standard for operational efficiency and
effectiveness within the distribution industry.
"The DDI partnership presents a great opportunity to showcase Celerity`s
planning and execution software solution helping customers accelerate the flow
of inventory through the supply chain," commented Luda Kopeikina, CEO and
President of Celerity Solutions, Inc. "As partners, we are somewhat alike in
working towards achieving our corporate visions, to become leading players in
our respective industries, through high growth and strategic acquisitions."
Distribution Dynamics, Inc. (DDI), headquartered in Walnut Creek, California, is
a world class provider of "C" class commodities and other logistic solutions for
original equipment manufacturers. DDI designs and implements value-added
solutions tailored to meet their customers' unique production requirements.
DDI's customer list includes Applied Materials, Cummins Engines, Goodman
Manufacturing, Harley Davidson, Hoffman Engineering, The Toro Company, The Vendo
Company, Winnebago Industries, and many others.
Celerity Solutions, Inc., provides a unique broad-based offering of supply chain
and warehouse management software products for the manufacturing and
distribution industries. Celerity, which means "with swiftness of movement", is
focused on accelerating the movement of customers' materials and products
through their supply chains, while optimizing their inventory
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investment and improving customer service. Celerity's software is designed to
integrate planning and transaction-based systems, and to provide real-time
visibility to inventory movement throughout the supply chain. Founded in 1982,
Celerity has offices in Dedham, Massachusetts; Newark, New Jersey; Chicago,
Illinois; Irvine, California; and St. Petersburg, Russia. Some of Celerity's
customers include United Liquors Limited, Corporate Express, Nortel, Pleasant
Company, Honeywell, Wesley Jessen, Champion Paper, Image Entertainment, and
Methanex Methanol. Additional information is available through the Company's Web
sites: www.celeritysolutions.com and www.somersetwms.com.
More detailed information about this relationship is available on Celerity's Web
site. For more information about Celerity products and services contact: Melisa
Silverman, Celerity Solutions, Inc., 18301 Von Karman Ave., Irvine, CA 92612,
phone 949.260.0600, fax 949.260.0610, email melisa.silverman@celeritysolutions.
com.
***
This press release may contain certain forward-looking statements, e.g.
"expect", "projected," within the meaning of the Private Securities Litigation
Reform Act of 1995. Such statements are subject to certain risks and
uncertainties that could cause actual results to differ materially from those
presently anticipated or projected. Celerity cautions readers not to place undue
reliance on any forward looking statements, which speak only as to management's
expectations on the date hereof. Celerity does not undertake -- and specifically
declines any obligation -- to publicly release the result of any revision which
may be made to any forward-looking statements to reflect events or circumstances
after the date hereof or to reflect the occurrence of anticipated or
unanticipated events.
